Online Jewelry Auctions: What’s Hot?!
The overall jewelry market is booming globally, with analysts predicting the global online jewelry market to grow to USD 30.42 billion by this year!
Everyone is realizing the potential of online sales and are launching innovative and easy-to-navigate websites to extend accessibility to consumers.
Online jewelry auctions are finding particular success in the jewelry investor market.
What’s driving consumers to invest in jewelry via online auctions?
COVID: With so many people in 2020 “staying at home,” many became educated on online digital platforms and how to use them! Buyers and sellers feel confident about the safety and confidentially of well-managed platforms.
Decluttering: People began examining what they had, what they wanted and what they no longer needed - and assessed their assets during this time.
Spending patterns: Many people were not spending on travel, or other types of entertainment outside of the home, and online jewelry offered a tangible asset investment.
Ethical Sourcing/Sustainability: Buyers alike are more aware of the value of ethical jewelry production and purchase. After all, ethical jewelry practices have social and environmental benefits, protecting both workers and the earth that they source materials from. Consumers feel good about jewelry that does good.
Value: Quality jewelry, given the appeal of the stones and the strength of gold and silver during the Pandemic, is perceived as a safe-haven store of value to investors.
What are people looking for when buying online jewelry?
Because of the necessity of COVID protection masks (putting them on and taking them off throughout the day), most women are looking outside the realm of long earrings for now.
With the advent of “work from home” and teleconferencing, women in particular are seeking necklaces, broaches, rings and bracelets. These types of accessories brighten up the increasing amount of time spent “on camera” and help to individualize the participant.
People want jewelry that is comfortable to wear!
What are individuals buying from online jewelry auction houses?
For investment buyers, designer lines are still strong, as are gemstones (and fancy colors are desirable). Given that the demographics are broader (to include millennials), hard stones used in jewelry from the 70s, 80s and 90s are also selling well.
Period television shows are influencing purchases, as evidenced by sales of Victorian and Georgian jewelry.
And there’s a strong uptick for natural pearls, Australian opals, tanzanite, aquamarine, red spinel and gray/blue stones.
Jewelry sales, and purchases, are particularly strong right now. If you are thinking of purchasing for investment or selling through an online jewelry auction house or jeweler with an online presence, be sure to get an accurate appraisal to include G.I.A. certification, and a demonstration of their digital platform.
Sources: businesswire.com, ucfs.net, tatler.com, jewellryoutlook.com, Heritage Auctions